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ANNUAL REPORT 2020

CORPORATE GOVERNANCE REPORT

Nomination & Remuneration Committee

The Board constituted “Nomination and Remuneration Committee” in 2016 to assist and advise the
Board on the following matters:

1) Establishing remuneration & incentive policy for Directors & Executive Management
2) Defining bonus policy for Executive Management

3) Appointment of skilled persons to the Board & Executive Management
4) Succession planning for Directors & Executive Management

The Remuneration and Nomination Committee comprises a Chairman and three Directors ; one is
non-independent and three are independent.

The Nomination & Remuneration Committee met 2 times in 2020 as detailed below:

1) 24 Feb 2020 2) 25 Feb 2020

The attendance record of the Committee meetings was as follows:

Sl No Director’s name Designation Status Meetings attended

1) Brigadier Saif Salim Saif Al-Harthi Chairman Independent 2

2) Sultan Khalifa Saleh Al-Tai Member Non independent 2

3) Dr. Mohammed Ali Said Al-Qassabi Member Independent 2

4) Faisal Ali Saleh Al Ahmed Al Ali Member Independent 1

Corporate Social Responsibility (CSR)

During the year 2020, several projects benefitting Society were undertaken. As a responsible
corporate citizen, we responded to the need of the hour by contributing to various social responsibility
activities, including contribution to the Government fund to fight Covid-19 in early March 2020.

Remuneration of Directors

Sitting fees are paid to the Board and committee members to take account of the additional work
involved. The details of sitting fees are shown below:

• Board Meetings-RO 800 per meeting.
• Audit Committee Meetings-RO 600 per meeting.
• Executive Committee Meetings-RO 600 per meeting.

• Nomination & Remuneration Committee Meetings - RO 600 per meeting.

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